The global aramid fiber market was valued at USD 3.3 billion in 2018, and is likely to witness CAGR of 8.2% over the forecast period 2020-2026.
Increasing use of aramid fiber for composites’ reinforcement in military vehicles, sports goods, and aircrafts is expected to benefit market growth. Ascending demand for protective equipment such as safety goggles, protective footwear, and hand protection is anticipated to propel product demand, thereby driving the market.
The U.S. market for aramid fiber is anticipated to exhibit a revenue-based CAGR of 8.3% from 2020 to 2027 and reach USD 1.4 billion in 2027. Increasing onshore and offshore drilling activities coupled with growing shale and oil and gas industry are expected to drive the demand for aramid fiber in the country over the forecast period.
Factors such as high manufacturing cost and initial investments coupled with fluctuating prices of the raw materials is likely to limit the market growth over the forecast period. However, growing investments towards the development of innovative technologies aimed at lowering the manufacturing cost is projected to result in industry growth.